Digital Identity, the Key to Successful Financial Services

Financial services customers are demanding. They expect tech-savvy, efficient, and proactive products and services that fits conveniently into their digital lives, just like those created by Apple, Facebook, or Google.  To meet this high bar, financial institutions are undergoing digital transformations to differentiated, customer-centric services that are accessible from any device and tailored to individual preferences. Every bank is calling themselves a technology company these days – Goldman Sachs even announced it has over a quarter of the workforce in engineering. They understand that to remain relevant, they need to go digital. And with the rise of new regulations like Open Banking and PSD2 that are meant to increase competition in the financial sector, new digital challengers are intent on stealing customers away. For digital transformation to succeed, though, you’ve got to deliver a seamless, personalized customer experience.

How can you create this coveted “omnichannel experience”? With digital identity. It’s the secret sauce to being able to view each customer as a single individual in your organization. Digital identity works by consolidating various profiles across business units into one, rich profile that’s populated with behavior, preferences, and characteristics aggregated across all channels. This profile can then be used for valuable personalization initiatives like offering custom budgeting advice or credit card offers. At ForgeRock, we help leading financial services organizations to link their customers to unique digital identities so they can understand who their customers are, wherever they are.

In our latest eBook, we’ve identified four major challenges that financial organizations face, customer experience, trust, security, and IT modernization, and explain how the ForgeRock Identity Platform can help solve these problems. By choosing a flexible, scalable digital identity platform to support their digital initiatives, financial services organizations can continue to innovate and build trusted relationships with their customers.

For more on how digital identity can help your financial services organization, visit our solutions page.

Ken is Senior Industry Marketing Manager, Financial Services at ForgeRock.

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